PANews reported on November 11 that according to Coindesk, ENS Labs, the company behind the Ethereum Name Service (ENS), is advancing plans to launch its own Layer2 network.

Katherine Wu, chief operating officer of ENS Labs, revealed that the new network, called Namechain, will go live by the end of next year. It will use zero-knowledge rollups, a scaling technology that speeds up blockchain transactions and reduces execution costs by compressing the amount of data published on the chain.

“This technology allows Namechain to process and execute transactions outside of the main Ethereum network, while still inheriting the full security of Ethereum, but at a fraction of the cost,” ENS Labs said in a press release on Monday. The new network will leverage the infrastructure of existing zero-knowledge chains that are compatible with the Ethereum Virtual Machine, and the team is in the final stages of choosing which zkEVM to use.